Old Enfield Multifamily Investment
1703 Summit Vw, Austin, TX 78703
For Sale
$1,650,000
Pending
Classic 4-plex in desirable Austin location with development potential.
Property Size3,944 SF
Lot Size0.27 Acres
Days on Market245
Property Features for 1703 Summit Vw
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Stories
Units
Listed By:
David Mercedes
(512) 969-7355
Source:
Elliman
Added: Mar 11
Changed: Nov 6
Last Checked: Nov 3 at 7:04AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of David Mercedes
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Investment Insights
Based on property information with market context.
This classic 4-plex is located in Old Enfield, offering charm, convenience, and opportunity. Situated on a 11,571 sq. ft. MF-3 zoned lot, the property is near the Peace Mansion in one of Austin’s desirable neighborhoods, providing access to Downtown Austin, Town Lake, and MoPac. The location offers proximity to Peace Park, Jeffrey’s Steakhouse, Josephine House, Fresh Plus, and Caffè Medici. Within 1.5 miles are Lions Municipal Golf Course, Town Lake, Lake Austin, the new Lake Austin H-E-B, Deep Eddy Pool, and Mozart’s Coffee Roasters. Bike paths along Shoal Creek and MoPac provide access to downtown. The property has a track record of over 95% occupancy and growing rents. Zoned MF-3, the property is suited for a developer to build up to 16 units, or for an investor to live in one unit while benefiting from rental income. The owner is open to creative partnerships with established builders who can fund and execute the construction of new units on the site. Each of the four units includes 2 bedrooms, 1 bathroom, in-unit washer/dryer, a covered carport with storage, and separate water, electric, and gas meters. The foundation has been recently warrantied, with extra piers added.
Key Highlights
- Prime Old Enfield location (78703) with easy access to Downtown Austin, Town Lake, and major thoroughfares (MoPac).
- Strong investment property with a 7+ year track record of over 95% occupancy and growing rents.
- MF‑3 zoning allows for significant development potential (up to 16 units).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,262
Cap Rate
3.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,165,240
$1.2M
Cap Rate 7%
$832,314
$832.3K
Cap Rate 9%
$647,356
$647.4K
Market Conditions
NOI Build-Up for 3,944 SF
Gross rent
$87.6K $22.20/SF
− Vacancy
−$4.3K −$1.10/SF
EGI
$83.2K $21.10/SF
− OpEx
−$25.0K −$6.33/SF
NOI
$58.3K $14.77/SF
Area
Austin, TX
Vacancy
4.94%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,165,240
Cap Rate 7%
$832,314
Cap Rate 9%
$647,356
Alternative Uses
Best Use
Multifamily LT 5
$832.3K
$728.3K – $971.0K
NOI $58,262 @ 7.0% cap · market cap 3.53%
Second Best
Apartment 5plus
$765.0K
$669.4K – $892.5K
NOI $53,549 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$1.55M
$1.35M – $1.80M
NOI $108,187 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
1,182
Businesses Nearby
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Business Placement
Demographics for 78703, TX
22,194
Population
12,237
Households
1.8
Avg Household Size
38
Median Age
84%
College-Educated
99%
High-School Grad
5.6 sq mi
ZIP Area
3,963
Density / Sq Mi
$144,637
Median Household Income
$80,622
Median Earnings
$2,217
Median Rent
$1,353,500
Median Home Value
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Market
Properties on Market for Quadplexes in Austin
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Classic 4-plex in desirable Austin location with development potential.
Where is this quadplex located?
The property is located at 1703 Summit Vw Austin, TX.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Prime Old Enfield location (78703) with easy access to Downtown Austin, Town Lake, and major thoroughfares (MoPac).; Strong investment property with a 7+ year track record of over 95% occupancy and growing rents.; MF‑3 zoning allows for significant development potential (up to 16 units).
